Ask Your Question today
No one should have to work past the age of sixty (unless they want to, not because they have no choice). There should be a Hard Work payment that supports you for the rest of your life once you reach your 60th Birthday.
If you're talking about the US, it could be done, but the transition would be painful. It would take a massive rebalancing of the private-public economic system and much higher taxes to support it. Net disposable income and/or buying power would go down and consumer oriented companies would be hurt by this. Personal saving would decrease, causing less money to be available for loans from private banks. That impact would trickle down through the entire private economy, evening out over time. These funds exiting the private side would funnel to the public side of the equation in the form of massive government controlled accounts to fund the larger retirement benefit load. And unless the government used some portion of these funds to loan to the private sector, economic growth would slow. Tons of other factors...... You could look at a few European countries for models of this.
The defacto retirement age for many professions like Pilots or Software Engineers is already 60. These people put savings in stocks and bonds deferring consumption, and taxes. This makes more investment capital available to the private sector for business expansion.
IMHO, the marginal efficiency of labor decreases rapidly after age 55, anyway. Old workers work neither smarter nor harder causing a sort of hidden tax on industry. Government benefits are transfer payments anyway. Give oldsters enough to buy rice, and live in tents. If they didn't prepare financially, it's their own fucking fault.
Agreed, what you wrote basically reflects the current system - without the OP's over 60 guaranteed retirement pay. Unfortunately, I more often see the older, less productive (at least relative to their higher salaries and more vacation) in government positions. And if we had the OP's system, there would be even more of those government workers "managing" the OP's new programs.
I don't expect to retire. This country of mine seems to be failing harder and harder every day...
I know I can never retire. I came to terms with that years ago. Unless I win the lottery or something I'll likely be found drowned in some schmucks toilet. Hopefully I was done cleaning it first..
I would love a big piece of property, a farm perhaps, or partial farm like environment and lots of animals. Dogs, a few horses, some chickens, a vegetable garden, flowers, that sort of thing to keep me busy surrounded by things I love. Sewing and crafting, some pottery, good stuff.
Proudly, I am one of the wealthiest the 1%, your financial overlords. Just remember that the future value of an annuity equals C*((1+i)^n/i.
Many of you 99%ers are smart enough to do the math. No excuses.
WTF? I'm a millionaire that retired well before age 60. Anybody can put 25% of income into index ETFs starting at age 22 like I did. Have some fucking discipline for Christ's sake.